Why do we always see marketing as a force to deliver results, more than often Immediate. But a short term focus gives us non permanent results. Marketing shadowed by Short Term thoughts, so what can be done to keep your team’s focus on the long term results. But that should always be keeping in view the answers to the present demands?
People have forgotten that Sales is supposed to be the short term driver. Whereas Marketing has the responsibility to deliver long term results. However, with the pressure to perform and lack of proper resources often blurs the two. And this is where most tend to lose focus. To help your team manage their day better read this article I have written.
Marketing is all about strategy and having Marketing shadowed by Short Term thoughts would be devastating. An amazing fact coming up. You would be amazed that most marketing leaders spend less than 1/3rd of their time planning for the future. What’s even more compelling is that this holds true for all types of companies in every industry, sector and even for various sizes of companies.
Do a Google Search and you would see that every marketing blog talks about future. They include planning for the future or using future tech and analytics to get the upper hand in the market. So, why is it that even those who talk of these future plans tend to be disconnected when it comes to actually doing it. Where is the gap?
Long term goals require resources but do understand that all long term goals are achieved through small steps. Each step, when made in the right direction take you near to your goals.
The First Step – Ignoring the Short Term Marketing
The first step should always be to know what your brand actually stands for. Know what are its goals when it comes to managing its customers. Explain to your team as to why its required to take every step towards those goals/objectives. Let your team understand the priorities. Anything which doesn’t contribute to those objectives should be either modified towards the objective or be kicked out.
Short term marketing goals are important. But do remember that often these short terms tactics are short lived. They do not add any value to the organisation. However, spending some time on building new capabilities, improving product/service offerings, or creating a unique business model often has far reaching potentials.
More often than not Marketers are made into tactical roles but lack in strategic roles in smaller and medium organisations. To lead in strategic change they are required to be given the authority and the responsibility to bring that change as and when required.
In most companies marketing compensation is linked to performance via bonuses. Often the average being at around 20%, however the average pay in terms of company equity was 8.2%. This kind of compensation structure often shifts the focus from long term marketing benefits to the company and earning equity bonuses. It goes to short term goals of earning performance bonuses.
The Real Focus
It is really worth noting that only one third of the marketers are clear about their actual roles. Even those who do know are often not sure about what they have control over. This also contributes to their focus on short term goals, trying to impress management by wins with what they control.
And, remember to not to try to compete in price. Customers remember price only while making the purchase but always remember the value you tend to add for the price you ask for. Build more and better offerings in your product/service so that you don’t have to compete on pricing.
To over come these effects of short term goals adopting a focused approach towards what’s really important is necessary. Identify what’s really required to bring in those growth and sustaining them. Creating a culture which promotes continuous learning is important and should be even rewarded.
We all know that data driven approach is the buzz today. However the truth is that it actually is important and not just another buzzword. Decision making based on actual data should be a part of the whole process as it lowers the risk. A marketer should know when to trust their gut. But should also be able to back his gut with actual data. In fact, if it comes to gut vs data, the approach should almost always be Data driven rather than gut driven.
Each step taken should be towards growth, building something new, getting new partners, different markets and more of everything positive. When encouraged by management to take growth aligned calculated risks, the marketing team starts to flourish. However, do remember that cross functional support from various departments is key to any growth. Improving customer experience is at the centre of any transformation. It requires every department and function of the company to be aligned towards what’s being marketed.
Remember that you might not have enough data to back your strategy. You should always be able to back it up with results and analytics after implementing the strategy.
Your energy should be divided amongst managing the present as well as planning the most effective strategy for the future. Long term growth plans which focus on creating new avenues for your organisation and teams to contribute and help deepen relationships with various stakeholders should be the first priority. Remember that having Marketing shadowed by Short Term thoughts leads to short term focus which gives us non permanent results.
To read if it is really good to put pressure on your sales team, read this article.